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題名：員工獎酬計畫市場效率性與最適比例之研究
作者：林文祥 引用關係
作者(外文)：Lin Wen-Hsiang
校院名稱：國立臺北大學
系所名稱：會計學系
指導教授：薛富井
邱士宗
學位類別：博士
出版日期：2007
主題關鍵詞：員工分紅；員工股票認股權；理性定價；員工獎酬；Employee Bonus；Employee Stock Option；rational pricing
原始連結：連回原系統網址new window
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人力資源對企業而言是最重要的投入，因而對人才的經營尤其重要；特別是在層級式的管理哲學下，企業所有權人與專業經理人間的代理問題，往往影響企業價值極大化之目標追求。因此，有效的獎酬制度、誘因契約能使代理人承擔部份的績效責任，能減輕怠職問題。因此，獎酬制度已成為企業管理不可或缺之一環。基於此論點，本研究首先以選擇權定價模式推導是否存在一個最適之獎酬比率，以發現獎酬發放之最佳效果。其次，實證分析員工分紅與員工認股權獎酬計劃之實行，是否能有效改善企業之經營績效，提高股東價值。最後，以Mishkin test（1983）理性預期的角度分析投資人對企業施行之獎酬制度，是否抱持理性定價。
茲將本論文之研究結論彙整如下：
一、員工獎酬計畫之實行，存在一個最適發放比率：
以選擇權定價模式推估且未加入任何限制式時，獎酬比率不受任何限制下，企業價值可達最大化。然而，加入不得超過已發行股份總數的百分之十之法令限制後，企業價值極大化之最適發放比率變成0.1K/E（K，原始資本額；E，當期盈餘）。若加入獎酬計畫對企業價值之型態(pattern)，則最適發放比率將可能受該企業獎酬計畫對公司價值之係數所影響。
二、員工獎酬計畫之實行，對企業經營績效有正面之影響：
員工現金分紅、員工股票分紅、董監事酬勞及員工認股權對企業經營績效皆呈現正向之激勵作用且存在遞延效果。由此可見，獎酬制度之實行有助於其績效之提升，企業所有人不應吝於給予。
三、員工獎酬計畫之實行，對企業價值(市值)有影響：
員工現金分紅、員工股票分紅、董監事酬勞對企業價值有正面提升效果，充分顯示台灣過去員工分紅之實施確實能有效增進股東之價值。但反觀施行不久的員工認股權制度，卻出現負向的當期及遞延效果，表示投資人在意員工認股權對企業價值所帶來的稀釋程度。
四、投資者能有效率的反映員工獎酬計畫之資訊：
以Mishkin test(1983)檢測市場能否有效反映會計資訊，結果發現投資人普遍對員工獎酬存在過度高估(overpricing)之情形，尤其對現金分紅及股票分紅，但對董監酬勞則過度低估。
The human resources are the most important inputs in an enterprise, so the management of human resources is necessary. Especially under level-management philosophy, the agency problem between owners and professional managers often influence the pursuit of enterprise's value maximization. Therefore, an effective reward system can make the agent bear some performance responsibilities, and can lighten the idle duty problem. Based on this argument, first, we use option valuation model to derive the optimal ratio of employees’ reward system. Second, we examine whether the implementation of reward plan with employees’ bonus and employees’ warrant can improve the enterprises’ performances and shareholders’ value. Finally, we use Mishkin test (1983) to analyze whether investors have rational pricing to employees’ reward system.
The research conclusions of this thesis are as follows:
(1)The employees’ reward system exists optimal granting ratio：
We use option valuation model to derive the optimal ratio without any restriction, and the conclusion is that the more granting percentage, the more enterprise's value. However, after joining 10% of total amount of the issued stock of the decrees limiting, we derive the ratio to turn into 0.1K/E (K, the amount of the capital at that time; E, earnings). If we put into the reward pattern, the optimal granting ratio will be influenced.
(2)The implementation of employees’ reward system have positive influence to enterprises’ performances：
The empirical result shows that employees’ cash bonus, employees’ stock bonus, remuneration of directors and supervisors and employees’ warrant all have positive inspirable influence on enterprises’ performances, and also have deferred (lagged) effect. Therefore, the implementation of the reward system contributes to the improvement of their performances indeed.
(3)The implementation of employees’ reward system have influences to the enterprises’ value：
The employees’ cash bonus, employees’ stock bonus and remuneration of directors and supervisors can heave enterprises’ value, and fully show the implementation of employees’ reward system could promote the shareholder's value effectively in the past in Taiwan. However, the employees’ stock option has negative effect, so it shows investors can take notice of the employee stock option to dilute their shareholder's value.
(4)Investors could reflect the information of employees’ reward effectively:
We adopt Mishkin test (1983) to examine whether the market could reflect accounting information effectively. We finally find that investors overprice the reward system, especially for cash bonus and stock bonus, but underprice the remuneration of directors and supervisors.
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